Finance

Getting a New Credit Card, How Long Does it Take?

The arrival of your first credit card in the mail is one milestone of your adult life that is hard to top. However, searching for a suitable card, with suitable credit card fees, with rewards and perks that match your lifestyle has become convenient due to the internet.

As the quickest option to receive a new card, online applications often require personal information such as name, date of birth, annual salary, monthly expenses, and credit report.  An applicant who meets the issuer’s requirements can get approval in minutes and a card in the mail in one to two weeks, if not sooner.

The Application Process

If your credit history is deemed solid and you have a sizable monthly income, your application will be approved after hitting the submit button. However, if your application is flagged, the lender will have to go through your application manually. This could take a few days, even weeks. 

When you apply for a credit card and the lender makes a hard inquiry on your credit record, your credit score may drop a few points briefly. Although this usually only lasts a few months, it’s a good idea to keep harsh inquiries and their influence on your credit to a minimum. Your credit score will not be affected if you are rejected a credit card.

Multiple hard inquiries resulting from applications for the same type of loans—such as a mortgage, vehicle loan, or student loan—are generally treated as one hard inquiry by credit bureaus as long as the applications are made within a short period. 

If you apply for many credit cards, though, you won’t normally get the same reward. So, to be safe, start by looking for a card that offers the perks you desire and that you’re likely to qualify for.

They’ll check for red flags on your credit report, such as:

  • overdue accounts
  • bankruptcies 
  • late payments 

After the Approval

You can start using your credit card just minutes after your application has been processed. However, it will take a few days to get the physical credit card in the mail. 

You can use it to make purchases or pay payments once you receive it. However, it’s vital to remember that the time it takes for a card to be mailed varies substantially from one issuer to the next. 

How to get the credit card delivered faster?

Get Pre-Approved.

Some credit cards allow you to prequalify online by providing some basic information. This extra step allows you to determine your credit card eligibility without completing a full application or risk a hard inquiry on your credit report. 

Some credit card companies have pre-set criteria for who they will approve. If you meet these requirements, such as having a minimum credit score, you are preapproved, and you may rest assured that you will be able to obtain the card. Because credit card issuers frequently state the credit score range required for a given card, knowing your credit score might assist you in choosing cards for which you’re most likely to qualify.

Instant Approval Credit Cards

To make the approval process faster, you might want to consider an ‘instant approval’ credit card, which can cut the time it takes to receive a credit card by a few days. Within seconds after completing an application for an immediate approval credit card, the issuer notifies the applicant whether they are authorized or not.

Those with problems getting new credit may not want to wait days to find out if they have been authorized to start the procedure all over again with a different issuer. With an ‘instant approval’ credit card, you will most likely wait for a day to get a decision.

Internet Wallet 

You can make transactions from home if you have access to the internet, even if you don’t have a physical credit card. Some issuers offer their customers a credit card number that can be used for online transactions immediately after processing a new credit card application. In addition, a digital wallet may be able to substitute for a physical card till its arrival.

Expedited Shipping 

While the schedule varies by the credit card provider (as stated above), you may be able to pay an additional cost in exchange for expedited shipping if you truly need your physical card right away. A new credit card can take up to 10 business days to process, package, and ship. Get the credit card within 5 days with expedited shipping.

If your credit is good, you’ll likely be able to choose from a variety of credit cards and be eligible for favorable conditions and high credit limits. Look for cards that offer the characteristics you want, like cashback, smaller credit card fees, travel rewards, low-interest rates, or other bonuses.

Your options will be limited if you have fair or low credit. Do not worry, though; there are many credit cards available to people with bad credit. To increase your chances of approval, look for secured credit cards built for your credit score range.

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